Russian President Shows "New World Currency" At G-8 Summit

Friday, July 10, 2009 | Tag Cloud

Russian President Medvedev Shows off New Coin at G-8 Summit

By George Whitten, Jerusalem Bureau Chief

Russian President Medvedev Shows off New Coin at G-8 Summit

MOSCOW/AQUILA (Worthy News) -- Russian President Dmitry Medvedev has called for a new global currency to replace the dollar as the World's Reserve Currency.

At the summit of leaders of the eight most influential nations, the G-8,  Medvedev showed a new coin to illustrate what he said was a "united future world currency", Worthy News learned on Monday, July 10th.

The coin, which bears the words "unity in diversity", was minted in Belgium and presented to all the G-8 leaders attending the gathering in the Italian city of Aquila.

"We are discussing both the use of other national currencies, including the ruble, as a reserve currency, as well as supranational currencies," Medvdev told reporters.

NEW ECONOMIC HIERARCHY

The Russian leader said he envisions a new economic hierarchy which would allow emerging-market giants such as Russia and China to drive the global agenda as the world emerges from the first global recession since the 1930s.

"We really live at a unique time, and we should use it to build a modern, prosperous and strong Russia, a Russia that will be a co-founder of the new world economic order," Medvedev added.

Russia, alongside China and India, have all questioned the dollar's future as a global reserve currency over the past year.  Earlier this year, China called for the creation of a new global "supranational currency" such as the International Monetary Fund’s special drawing rights (SDR’s), to add stability to global financial markets.

The United Nations  earlier this year published a report which called for the replacement of the U.S. Dollar and the creation of a global reserve bank and a new world currency to protect emerging markets from the "confidence game" of financial speculation.

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9 thoughts on “Russian President Shows "New World Currency" At G-8 Summit”

  1. Praying!

    "For he seeth that wise men die, likewise the fool and the brutish person perish, and leave their wealth to others.
    [11] Their inward thought is, that their houses shall continue for ever, and their dwelling places to all generations; they call their lands after their own names." P

  2. Hi Joe: I just need to know what they mean by the words "supranational currencies"?
    Is that different then inter or multi (national)?

    • su·pra·na·tion·al [sprə náshən'l, sprə náshnəl]
      adj
      multinational: not limited by the concerns or boundaries of a single nation

  3. What Does Supranational Mean?
    An international organization, or union, whereby member states transcend national boundaries
    or interests to share in the decision-making and vote on issues pertaining to the wider grouping.

  4. Wow, a "global reserve bank"? Since our federal reserve bank has done so much for our nation, or rather what used to be our nation. Just in the last year did I learn what the "Fed" really is and I think if more people knew that it wasn't really our "national bank" they would be more concerned. Thank God for the internet, at least the government hasn't gained total control over that... YET!

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